Tuesday, March 11, 2014

Day Trading Crude Oil, Gold, Euro & Mini-Russell | SchoolOfTrade Newsletter 03/11/14



“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” - Mark Twain

Reflections from Today:
·       Today’s Trades:
o   Crude Oil: Short-selling at its best!
o   Gold:  Short @ 1348.1
o   Mini-Russell:  Short @ 1202.1
·       Markets Today:
o   Crude Oil:  -222ticks (-1.44%) @ 99.49
o   Gold:  +152ticks (+0.71%) @ 1349.0
o   Mini-Russell:  -232ticks (-1.10%) @ 1184.9
·       News Today:
o   No Major News on US Calendar
o   Japan battles economic woes ahead of Tax hike
o   Russian annexation of Crimea appears certain
o   Slowdown in China causes Oil to fall for a second day in a row, down $1.50, below $100.00
o   Crude Oil API# = +2.63M (3rd straight build, largest since Jan ’14)
·       This Day In History:
o   Mar 11, 1888:  “Blizzard of 1888” 400 die in worst storm in US History
o   Mar 11, 2011:  Japan struck by Earthquake results in 23-foot tsunami
o   Mar 11, 1997Paul McCartney, member of most successful rock band in History (The Beatles) is knighted by Queen Elizabeth II for his ‘services to music’
·       News Tomorrow
o   Finally!  We got News!
o   7:50pm (JPY) Producer Prices
o   6:00am (EU) Industrial Production
o   10:30am (US) Crude Oil Inventories
§  Note:  today’s API# highest since January, 3rd straight week
o   2:00pm (US) Treasury Budget
·       Chart of the Day
o   Crude Oil:  SHORT – target at 97.78
o   Gold:  LONG - target at 1352.9
o   Mini-Russell:  SHORT – target at 1172.9

Economic News for Tomorrow:

News Calendar Wednesday
We finally have some economic news to work with, starting in Japan this evening, into Europe early tomorrow morning, and then ending in the US mid-morning.


We begin this evening with important news coming out of Japan.  We have Producer Prices this evening at 7:50pm EST.

Tomorrow morning we have Industrial Production in Europe at 6:00am EST which is Red-Star News so we will expect to see a decent reaction on the ‘tape’ and you need to be ready for this if you plan on trading the London trading session tomorrow from 3:00am to 7:00am EST.

Tomorrow is Christmas for Crude Oil traders, with our biggest news event of the week in the form of Crude Oil Inventories at 10:30am EST. 

Remember, if you plan on trading Crude Oil tomorrow morning after 10:00am EST you need to be very careful. 

We sit-on-hands 15-minutes before, as well as 15-minutes after the news is released because the lead-up to the news is often VERY sloppy and the reaction to the news is often too volatile to trade safely.

o   6:00am (EU) Industrial Production
o   10:30am (US) Crude Oil Inventories
§  Note:  today’s API# highest since January, 3rd straight week
o   2:00pm (US) Treasury Budget

Charts I’m Watching Tonight:

Crude Oil:
Crude Oil Chart of Day
Crude Oil has been pushing lower all week, and we have some important fundamentals that are helping this price push below 100.00 and possibly even further into the end of the week.




The issues in Russia has taken a back-seat to the slow-down in Asia (China & Japan) and tomorrow morning we have another Inventories report that is expected to be higher-than-expected which should help to push this price-action lower tomorrow morning.

My plan for trading Crude Oil is to look for selling opportunities at the resistance zone around 101.54 to 101.12 and use the extension target below to take my profit at 97.78 later in the week.

Gold:

Gold Chart of Day
Gold has been pushing towards the highs from last week as concerns in Asia, along with possible violence in Russia/Crimea have been building.



My plan for trading Gold is to look for buying opportunities this evening and into tomorrow with a target above me at 1352.9, 1363.4 and 1370.3. 

Additionally, I will exit this position if the price moves below the 1336.0 area to protect my capital from losses.

Mini-Russell :

Mini Russell Chart of Day
Traders are clearly taking profit on the Mini-Russell right now as this market comes down off all-time-highs and the 1200.00 big-round-number.




We can see that the Mini-Russell has escaped the sideways-trading-range from 1204.4 down to 1192.0, and now is headed lower to a support zone at 1172.9 to 1167.9.

My plan for trading Mini-Russell is to sell short between 1192.9 and 1195.6 with the goal of holding the position down to my profit-target at 1172.9 later this week.

Additionally, if we do NOT get the price to test my entry zone, I will use a “wave-pattern” to enter short with every new lower-low on our way to the profit-target at 1172.9

Interested in using *ALL* my charts?

Log into your membership account at SchoolOfTrade.com for ALL the important trading opportunities for tomorrow!

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2 comments:

  1. What happened to the nightly newsletters?

    ReplyDelete
    Replies
    1. I will be doing them again next Monday, this is Quadruple Witching week so Im working on some new stuff for our students. Thanks for the comment!

      Delete

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